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Why Hudson Pacific Properties Stock Plunged Today

TheMotleyFool

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Why Hudson Pacific Properties Stock Plunged Today: https://g.foolcdn.com/editorial/images/765231/a-hand-pointing-at-a-digital-board-that-says-reit.jpg

Shares of Hudson Pacific Properties (NYSE: HPP) fell 16.4% on Tuesday after the real estate investment trust (REIT) announced weaker-than-expected quarterly results.

Hudson Pacific's quarterly revenue during the quarter declined 17.2% year over year to $223.4 million, driven by a combination of property sales and previously announced tenant moveouts. The company also saw headwinds, given a reduction in studio service revenue and other revenue amid union strikes.

On the bottom line, that translated to a net loss attributable to common shareholders of $98 million, or $0.70 per share, widening from a net loss of $0.09 per share in the same year-ago period.

Source Fool.com

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